On May 31, 2017, Judge Beverly Reid O’Connell of the United States District Court, Central District of California, appointed Kehoe Law Firm as co-lead counsel, along with the Gibbs Law Group, in the Nanthealth Securities Litigation pending in the United States District Court for the Central District of California. Judge O’Connell cited the firm’s “significant securities class action litigation experience” and history of achieving “highly favorable settlements for plaintiffs in previous actions.”​

NantHealth had completed its initial public offering of common stock on June 7, 2016, and sold 6,500,000 shares at $14.00 per share. Plaintiffs, which include the Southeastern Pennsylvania Transportation Authority Pension Plan, allege that NantHealth’s founder, Patrick Soon-Shiong, violated federal securities law and artificially inflated NantHealth’s stock price by structuring a purportedly philanthropic donation to the University of Utah such that the University was obligated to pay NantHealth $10 million for research services. Additionally, plaintiffs alleged that NantHealth exaggerated the success of one of its key products, called GPS Cancer. 

STAT published an article on March 6, 2017, alleging that pursuant to the terms of Soon-Shiong’ s donation, the University of Utah was effectively required to spend $10 million on genetics analysis performed by NantHealth, an arrangement which STAT suggested enabled NantHealth to inflate by more than 50 percent the number of test orders it reported to investors in 2016. 

On this news, the company’s stock price fell $1.67, or 23.29%, to close at $5.50 on March 6, 2017, and closed at $4.55 on March 9, 2017. Plaintiffs allege that the stock  price continued to drop as more information came out about both the donation and the viability of GPS Cancer.​

John A. Kehoe, partner at Kehoe Law Firm, said the firm is honored to be appointed lead counsel and that this recognition reflects our firm’s experience and successful record in securities class action litigation. Mr. Kehoe added, “We are committed to uncovering the truth and pursuing justice for plaintiffs, such as the Southeastern Pennsylvania Transportation Authority Pension Plan. This appointment is not just a nod to our past success but a catalyst for us to diligently advocate for fairness and integrity in this legal pursuit.”​

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.

Kehoe Law Firm, a leading securities litigation firm, acknowledges the recent development in the ongoing United Development Funding IV securities class action lawsuit. The firm is pleased to announce that a settlement in principle has been reached, as indicated by the Joint Notice of Settlement filed by the Parties in the U.S. District Court for the Northern District of Texas.​

The Joint Notice of Settlement outlines that the Parties have jointly stipulated to extend the time for Plaintiffs to respond to the Motion to Dismiss until two weeks after the Parties jointly notify the Court that the settlement in principle cannot be consummated. This strategic extension allows the Parties the necessary time to finalize the settlement details.​

The case, originally filed on March 8, 2016, alleges violations of the Texas Securities Act. The Parties have been engaged in active settlement discussions, and the recent agreement indicates significant progress toward resolving the matter. As part of the settlement process, the Parties are working on a Memorandum of Understanding (MOU) to document the essential terms of the agreement.​

Michael Yarnoff, a partner at Kehoe Law Firm, expressed optimism about the potential resolution, stating: “We are encouraged by the progress made in reaching a settlement in principle in the UDF IV investor case. Our commitment remains steadfast in advocating for the rights of investors who have been affected. We look forward to working through the judicial process and ultimately obtaining court approval for this settlement, which we believe is in the best interests of the investors involved.”​

Kehoe Law Firm remains committed to ensuring a fair and just resolution for the investors involved in the UDF IV case. The firm will continue to provide updates as the settlement progresses through the judicial process.​

For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.

Kehoe Law Firm, a leading securities litigation firm, has filed a securities class action suit against United Development Funding IV (UDF IV), a real estate investment trust (REIT). The lawsuit, filed in the U.S. District Court for the Northern District of Texas, represents investors who purchased shares in the company during the class period between June 4, 2014, and Dec. 10, 2015. 

UDF IV, a REIT under the United Development Funding umbrella, has been accused of operating a “Ponzi scheme” in the lawsuit.

The allegations gained momentum after a report titled “A Texas Sized Scheme” was released by Harvest Exchange, detailing alleged similarities between Ponzi schemes and certain organizations under the United Development umbrella. The report highlighted that funds raised by UDF IV were allegedly used to provide liquidity to previous iterations of United Development, leading to a significant decline in UDF IV’s stock prices. 

The subsequent class action lawsuit alleges that UDF IV violated federal securities laws by failing to disclose that current iterations of UDF companies were providing liquidity to previous vintages, enabling the older companies to pay off early investors. The complaint also asserts that the defendants failed to disclose that, without funding from previous United Development operations, these companies would likely collapse, leaving investors with worthless stocks. 

Furthermore, the lawsuit alleges that UDF IV offered liquidity to UDF I, UDF III, and other affiliates, exacerbating the perceived “scheme.” The defendants are accused of not informing investors about the similarities between United Development’s operations and a Ponzi scheme and that UDF IV was the subject of a Securities and Exchange Commission (SEC) investigation. 

Michael Yarnoff, a partner at Kehoe Law Firm, expressed the firm’s commitment and satisfaction in representing UDF IV investors, stating:

“We are pleased to stand alongside and represent investors who have been affected by the alleged misconduct involving United Development Funding IV. Our firm is dedicated to seeking justice for those who have suffered financial losses and holding accountable those responsible for potential securities law violations. Investors deserve transparency and fair treatment, and we are committed to pursuing their rights vigorously.” 

For more information about Kehoe Law Firm and its involvement in this matter, please contact Michael Yarnoff at [email protected] or call (215) 792-6676.

Kehoe Law Firm Proudly Represents Sterling International Consulting Group in Legal Action Against Lenovo Inc. and Superfish Inc.

The Kehoe Law Firm, a prominent Philadelphia-based law firm, is pleased to announce that it is representing Sterling International Consulting Group (“Plaintiff”) in a class action complaint filed today against Lenovo Inc., Lenovo Group Limited, and Superfish Inc. 

Lenovo, a $39 billion global Fortune 500 company, is accused of preinstalling Superfish Visual Discovery, a spyware program developed by Superfish Inc., on at least forty-three different Windows-based Lenovo notebook computer models sold to consumers. The software allegedly performed a “man-in-the-middle attack,” compromising users’ secure HTTPS pages to inject advertising without their knowledge. 

The complaint alleges that Lenovo failed to disclose the preinstallation of the Superfish program, which Homeland Security later deemed vulnerable to cyberattacks. Lenovo continued shipping affected computers even after consumer complaints surfaced. The lawsuit asserts that the program intentionally created security holes, allowing potential spying and unauthorized access to sensitive information. Kehoe Law Firm is known for its dedication to consumer protection and corporate accountability. With a history of successful litigation in high-profile cases, the law firm is committed to achieving justice for its clients.​

John Kehoe, a Partner at the firm, expressed his satisfaction in being entrusted by Sterling International Consulting Group to pursue legal action against Lenovo and Superfish Inc. In a statement, he highlighted the firm’s commitment to consumer protection and corporate accountability. “Kehoe Law Firm is proud to represent Sterling International Consulting Group in the pursuit of justice for class members affected by Lenovo’s alleged failure to disclose the preinstallation of the Superfish program, compromising user security and privacy.” 

For more information about Kehoe Law Firm and its involvement in this matter, please contact John A. Kehoe at [email protected] or call (215) 792-6676.